Rittenhouse Capital Advisors announced today that it provided long-term, fixed-rate financing on The Chestnut Street Lofts apartment building in West Chester, PA. The 60 unit, class “A” apartment building was recently constructed and was completed in September 2014. Given its location in downtown West Chester, its unique architecture, open floor-plans, modern kitchens, baths and outdoor balconies, the property was fully leased within a matter of months. Subject property also offers other amenities like a community room, fitness center and on-site parking, a rarity in the borough of West Chester.
The quality of the asset and rapid absorption allowed the developers to secure permanent financing sooner than expected. For that, the developers StanAb, LP turned to Rittenhouse Capital Advisors. Rittenhouse Capital was able to secure for the sponsors a loan at 80% loan-to-value with a 10 year fixed rate of 3.95% that amortizes over 30 years. The loan helps to take out the existing construction debt and recapitalize the partnership, even with the asset’s limited operating history. “George Johnson’s knowledge of the financial marketplace and his ability to navigate the loan process through to final settlement were key factors in making this one of the smoothest financing transactions we have experienced,” said Victor Abdala Jr. of StanAb LP.
George Johnson, President & CEO of Rittenhouse Capital Advisors stated, “We are very happy to be able to work on such a fine project and deliver a financial package to our clients that ideally matched their hold strategy and investment goals for the asset.”
Rittenhouse Capital Advisors is a debt and equity firm based in Philadelphia, PA. Our Underwriting & Lending Expertise covers the full range of commercial real estate assets, including but not limited to: multifamily, student housing, industrial, retail, and healthcare throughout the United States.
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